New Zealand CPI data higher than expected – ASB sees RBNZ staying on sidelines

<p>The New Zealand Q2 inflation data was published earlier from Stats NZ:</p><ul><li><a href="https://www.forexlive.com/news/new-zealand-q2-cpi-11-qq-vs-expected-10-20230718/" target="_blank" rel="follow" data-article-link="true">New Zealand Q2 CPI 1.1% q/q (vs. expected 1.0%)</a></li></ul><p>NZD/USD was marked up, but if you check out your charts you'll see it wasn't sustained:</p><ul><li><a href="https://www.forexlive.com/centralbank/nzd-marked-higher-after-nz-cpi-data-higher-than-expected-20230718/" target="_blank" rel="follow" data-article-link="true">NZD marked higher after NZ CPI data higher than expected</a></li></ul><p>ASB on the data:</p><ul><li>core inflation remains stubborn</li><li>sticky non-tradeables inflation </li><li>RBNZ will be kept on alert and will hold rates high for a good while to come</li><li>RBNZ remains on hold though</li></ul><p>NZD update:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.